{"id":6256,"date":"2022-11-30T09:07:46","date_gmt":"2022-11-30T14:07:46","guid":{"rendered":"https:\/\/www.incsight.net\/?p=6256"},"modified":"2026-07-08T19:24:02","modified_gmt":"2026-07-09T00:24:02","slug":"what-do-i-need-to-prepare-for-tax-savings-at-year-end","status":"publish","type":"post","link":"https:\/\/www.incsight.net\/blog\/2022\/11\/30\/what-do-i-need-to-prepare-for-tax-savings-at-year-end\/","title":{"rendered":"What Do I Need to Prepare for Tax Savings At Year-End?"},"content":{"rendered":"<div class=\"et_d4_element et_pb_section et_pb_section_0  et_pb_css_mix_blend_mode et_section_regular et_block_section\" >\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_d4_element et_pb_row et_pb_row_0  et_pb_css_mix_blend_mode et_block_row\">\n\t\t\t\t<div class=\"et_d4_element et_pb_column_4_4 et_pb_column et_pb_column_0  et_pb_css_mix_blend_mode et-last-child et_block_column\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_module et_d4_element et_pb_text et_pb_text_0  et_pb_text_align_left et_pb_bg_layout_light\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_text_inner\"><p>December 31st\u00a0is coming fast and\u00a0there are things you want to be doing to prepare for year-end. Remember, once the clock ticks over to a new year, so many tax saving strategies are thrown out the door. That is why we want to take the time here today to go through what you need to be doing now to prepare.<\/p>\n<p>This is a two part series because next week we are going to be discussing <a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-year-end-tax-strategies-are-available-to-business-owners\" target=\"_blank\" rel=\"noopener noreferrer\">year-end specific strategies<\/a> so be sure to check that out as well.<\/p>\n<p>Much of what we talk about today are things we preach all\u00a0year long on\u00a0the Small Business Tax Savings Podcast but this will serve as a reminder!<\/p>\n<h1>Year-End S Corporation Items<\/h1>\n<p>Are you\u00a0taxed as an S Corporation? There are some year-end items you want to ensure you are completing before year-end.<\/p>\n<ul>\n<li><strong>Pay a Reasonable Salary<\/strong>\n<ul>\n<li>As an S Corp owner, you are required to take a reasonable salary (W2 Payroll). Be sure that you have ran a reasonable salary before year-end. Here is an article on <a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-is-a-reasonable-compensation-for-an-s-corporation-owner\" target=\"_blank\" rel=\"noopener noreferrer\">reasonable salaries<\/a>.<\/li>\n<li>Remember if you have a SEP IRA or Solo 401k, that will be driven by your payroll so if you plan to maximize these out or take advantage of them, be sure you are running those numbers now and making sure those are factored into your payroll software.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Self-Employed Health Insurance<\/strong>\n<ul>\n<li>If you are operating as an S Corp any health insurance that you pay for yourself you need to be included on your W2.\u00a0You get an expense on the business tax return, but then you include it as income on your W2, and then you get the final deduction for it on your personal tax return.<\/li>\n<li>Make sure you contact your payroll provider before year-end to ensure that the self-employed health insurance premiums are in fact included on the W2.\u00a0<a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/how-does-the-deduction-for-self-employed-health-insurance-work\" target=\"_blank\" rel=\"noopener noreferrer\">Here is an article on that.<\/a><\/li>\n<\/ul>\n<\/li>\n<li><strong>Implement and Finalize Accountable Plan Reimbursements<\/strong>\n<ul>\n<li>An Accountable Plan is a reimbursement policy and expense reporting system that allows owners and their employees to turn in expense reports to the business for reimbursement in a way that keeps those amounts from being counted as taxable income.<\/li>\n<li>It should be used for reimbursing you for items that are personal and business mixed that you paid for personally or an item that you accidentally paid for personally that is business related.<\/li>\n<li>Some examples we see an accountable plan being used for is: Home Office, Automobile (owned by employee, not business), Office Expenses, Travel, Meals, Cell Phone\/Internet, etc.<\/li>\n<li>We did an article on this here:\u00a0<a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/how-do-i-reimburse-myself-from-the-business-when-does-an-accountable-plan-come-into-play\" target=\"_blank\" rel=\"noopener noreferrer\">How Do I Reimburse Myself From the Business? When Does An Accountable Plan Come Into Play?<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h1>Year-End Maximizing Your Deductions<\/h1>\n<p>Remember, when we talk about maximizing deductions we are not necessarily talking about going out and buying things you do not need but rather how can we move after tax spending (money you are already spending) into pre-tax spending (find a business purpose and getting a business deduction for it).<\/p>\n<p>Now of course, if you need a new business vehicle or equipment you can obviously take advantage of the tax code for that, we just do not want you to think trading a business purchase for a tax break, on something you do not actually need, is a good decision.<\/p>\n<p>We did an entire article on this, <a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/how-can-i-maximize-business-deductions-and-write-offs\" target=\"_blank\" rel=\"noopener noreferrer\">How Can I Maximize Business Deductions and Write-Offs?<\/a>,but wanted to\u00a0highlight some items as a reminder.<\/p>\n<ul>\n<li><strong>Hire Your Kids (or Grand Children) in Your Business<\/strong>\n<ul>\n<li>This is one of the most under utilized tax strategies out there.\n<ul>\n<li>You get a business deduction for items you are typically paying personally anyways.<\/li>\n<li>Your child can claim the standard deduction so any earnings under the standard deduction\u00a0would be tax fee and then any income above that would be taxed starting in the lowest tax bracket.<\/li>\n<li>You are likely paying for your child\u2019s basketball camps, entertainment, technology, etc so why not get a business deduction for these items you are going to pay for anyway?<\/li>\n<\/ul>\n<\/li>\n<li>Now of course your child needs to be doing actual work for a reasonable rate in your business and you need to ensure you are setting things up correctly.\u00a0We did an article on\u00a0this here:\u00a0<a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/why-should-i-hire-my-kids-in-my-business\" target=\"_blank\" rel=\"noopener noreferrer\">Why Should I Hire My Kids In My Business?<\/a><\/li>\n<\/ul>\n<\/li>\n<li><strong>Establish and\/or Fund Your Retirement Plan<\/strong>\n<ul>\n<li>Note: Some retirement contributions can be made after year-end but look at your specific plan and contribution type to verify what options are available to you.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Throughout our Podcast, Learning Center, and Tax Minimization Program we have a ton of information on\u00a0various\u00a0items around maximizing deductions but here are <span>some<\/span> strategies to look into:\u00a0<\/strong>\n<ul>\n<li>14 Day Home Rental Strategy (Augusta Rule)<\/li>\n<li>Business Gifts<\/li>\n<li>Corporate Board Meetings\u00a0<\/li>\n<li>Health Strategies (Options for those with high medical costs, Health Savings Account (HSA), etc)\n<ul>\n<li>Complete HRA reimbursements if necessary<\/li>\n<\/ul>\n<\/li>\n<li>Home Office Deduction\u00a0<\/li>\n<li>Purchase\u00a0Equipment or Vehicle\u00a0(and put in service)<\/li>\n<li>and so much more...<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h1>Year-End\u00a0Miscellaneous Items<\/h1>\n<p>Finally we have a few miscellaneous items that you want to ensure you are taking care of before year-end.<\/p>\n<ul>\n<li><strong>Charitable Contributions<\/strong>\n<ul>\n<li>Ensure you are completing any charitable contributions of either cash or property\/goods before 12\/31.<\/li>\n<li>Remember, in order to take advantage of charitable deductions you have to be itemizing so be sure to see if it still makes sense. Often times we will see\u00a0taxpayers\u00a0\"bunch\" itemized deductions in one year.<\/li>\n<li>You may want to consider donating appreciated stock rather than cash. If you donate the stock (instead of selling it) you deduct the fair market value of the stock as a charitable deduction and you don't have to pay any of the taxes you would have if you sold it.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Collect Data for 1099s<\/strong>\n<ul>\n<li>In general, if you have contractors\/vendors that you paid $600 or more to, in total,\u00a0you will have to send them a 1099-NEC. In order to generate a 1099\u00a0you will need a copy of a W9 filled out by them. If you do not have a W9 on file for contractors or vendors, get it now.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Roth IRA<\/strong>\n<ul>\n<li>Look into funding a Roth IRA or potentially consider doing a\u00a0conversion.<\/li>\n<li>You may want to look at a back door Roth IRA if you are a higher income earner.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Start Collecting Documents for Tax Season<\/strong>\n<ul>\n<li><strong>\u00a0Complete Your Bookkeeping<\/strong>\n<ul>\n<li>This is so important! Make sure you get your bookkeeping completed and up to date, it will make tax season so much easier for you.<\/li>\n<\/ul>\n<\/li>\n<li><strong>File Various Tax Documents (as you receive them)<\/strong>\n<ul>\n<li>Charitable Contributions Records<\/li>\n<li>Child Care\u00a0Payments (Payee(s) &amp; Amounts)<\/li>\n<li>Estimated Taxes Paid Records<\/li>\n<li>Forms:\n<ul>\n<li>1099's<\/li>\n<li>Mortgage Interest<\/li>\n<li>Real Estate Taxes Paid<\/li>\n<li>Student Loan Interest<\/li>\n<li>W2's<\/li>\n<\/ul>\n<\/li>\n<li>Medical Expense Records<\/li>\n<li>Payroll Documents<\/li>\n<\/ul>\n<\/li>\n<li><strong>Save\/File Your Receipts<\/strong>\n<ul>\n<li>Put your receipts on file (preferably digitally) so that you have them in a safe place should you need them down the road.<\/li>\n<li>Also grab a copy of all your bank statements and put them on file.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>As mentioned, this\u00a0should serve as a reminder about many of the things we talk about on a regular basis.<\/p>\n<p>Next week we are going to finalize\u00a0the year-end tax saving discussion and be talking about <a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-year-end-tax-strategies-are-available-to-business-owners\" target=\"_blank\" rel=\"noopener noreferrer\">What Year-End Tax Strategies Are Available to Business Owners?<\/a><\/p>\n<p>As always, make this the year you pay the least amount in taxes as legally possible!<\/p><\/div>\n\t\t\t<\/div><div class=\"et_pb_module et_d4_element et_pb_code et_pb_code_0\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_code_inner\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/NZgmw2JG7Pg?si=SE4fPsDaMsqko9OT\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n\t\t\t<\/div><div class=\"et_pb_module et_d4_element et_pb_code et_pb_code_1\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_code_inner\"><iframe src=\"https:\/\/www.buzzsprout.com\/1837660\/episodes\/11770092-what-do-i-need-to-prepare-for-tax-savings-at-year-end?client_source=small_player&iframe=true&referrer=https:\/\/www.buzzsprout.com\/1837660\/11770092-what-do-i-need-to-prepare-for-tax-savings-at-year-end.js?container_id=buzzsprout-player-11770092&player=small\" loading=\"lazy\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\" title=\"Small Business Tax Savings Podcast, What Do I Need to Prepare for Tax Savings At Year-End?\"><\/iframe><\/div>\n\t\t\t<\/div><div class=\"et_pb_with_border et_pb_module et_d4_element et_pb_text et_pb_text_1  et_pb_text_align_left et_pb_bg_layout_light\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_text_inner\"><ul>\n<li style=\"list-style-type: none;\">\n<p><strong>The Time Is NOW To Start Paying Less In Taxes.\u00a0<\/strong><strong>Join <span>TaxElm<\/span> and start eliminating taxes and growing your wealth!<\/strong><\/p>\n<p>What you'll get:<\/p>\n<ul>\n<li><strong>Tax Savings Blueprint and Training:<\/strong> We\u2019ll provide you with a customized tax plan that is tailored to meet your specific needs and goals. Along with that, you have access to our library of training modules, implementation guides, supporting documents, and more.<\/li>\n<li><strong>Unlimited Access to Tax Experts:<\/strong> Got a specific question about a tax strategy? You\u2019ll have access to our team of tax experts to get the accounting and tax answers you need.<\/li>\n<li><strong>Annual 1-on-1 Live Consultation:<\/strong> Once a year you get a live meeting with a tax expert to discuss anything tax savings you would like. This is your time to get your questions answered live 1-on-1.<\/li>\n<li><strong>Annual Bookkeeping Analysis:<\/strong> Annually you will submit your financials to our team of accountants and we will put together a high level business financials overview report custom to your business.<\/li>\n<li><strong>Monthly Group Webinar and Training:<\/strong> Every month, we host a live, virtual training session on a key tax topic. Join us live and bring your questions or view the recording on your own schedule.<\/li>\n<li><strong>Partner Directory and Discounts:<\/strong> You get exclusive, members-only rates and access to our expert referral network for accounting, bookkeeping, tax preparation, payroll, financial planning, legal, retirement planning, tax resolution, and more!<\/li>\n<\/ul>\n<p>It is like having a tax\u00a0strategist walking with you along this entrepreneurial journey!<\/p>\n<\/li>\n<\/ul><\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div><div class=\"et_d4_element et_pb_row et_pb_row_1  et_pb_css_mix_blend_mode et_block_row\">\n\t\t\t\t<div class=\"et_d4_element et_pb_column_4_4 et_pb_column et_pb_column_1  et_pb_css_mix_blend_mode et-last-child et_block_column\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_button_module_wrapper et_pb_button_0_wrapper et_pb_button_alignment_center et_pb_module \">\n\t\t\t\t<a class=\"et_pb_button et_d4_element et_pb_button_0 et_animated et_pb_bg_layout_light et_block_module\" href=\"https:\/\/taxelm.com\/\">Join TaxElm<\/a>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":6260,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[32,56,52,78,82,80,36,51,33],"tags":[42],"class_list":["post-6256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-business","category-irs","category-management","category-money","category-real-estate","category-small-business","category-tax-planning-strategy","category-taxes","tag-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Do I Need to Prepare for Tax Savings At Year-End? - IncSight<\/title>\n<meta name=\"description\" content=\"Preparing for year-end tax savings? 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